this week, the passing rate will be 90%, among which the IPO of Xinghe shares will be terminated
This week (February 26 – March 4), 10 enterprises held a meeting.
9 enterprises, including setes, Yuneng technology, Huachen transformer, weiteou, Feipeng biology, times decoration, Haizheng biology and Guobo electronics, passed the meeting, with a passing rate of 90%. The IPO of Xinghe shares was terminated.
it is worth noting that on the evening of March 4, many heavy news were released at the same time Shanghai Stock Exchange and Shenzhen Stock Exchange respectively issued the measures for the transfer of listed companies on the Beijing stock exchange to the science and innovation board and the gem. The newly revised Measures for the hierarchical management of the national share transfer system of small and medium-sized enterprises and supporting guidelines of the national share transfer company were also officially released.
in addition, the CSRC solicited public opinions on the decision to modify the IPO and listing management measures, and made it clear that the issuer should continue to operate for more than 3 years
CSRC intends to modify the conditions for IPO issuance and cancel exceptions
On March 4, the CSRC announced that in order to improve the basic system of the capital market and effectively maintain the order of fair competition in the market, it plans to amend the measures for the administration of initial public offering and listing (hereinafter referred to as the measures).
the exposure draft points out that it is proposed to amend it to “the continuous operation time of the issuer shall be more than 3 years after the establishment of a joint stock limited company” in accordance with the first paragraph of Article 9 of the current measures
The CSRC said that the deadline for this feedback is March 18.
It is reported that the first paragraph of Article 9 of the measures originally reads: “the issuer shall continue to operate for more than three years after the establishment of a joint stock limited company, except with the approval of the State Council.”
The CSRC pointed out that the main purpose of this amendment is to ensure the seriousness of the implementation of the rules, maintain the order of fair competition in the market, give equal treatment to all kinds of ownership enterprises, and make the capital market better serve the high-quality development of the real economy.
The CSRC further pointed out that the general idea of the revision of the measures is to unify the application of the rules of the main board, science and innovation board and gem on the issuer’s establishment for three years without changing the implementation of the stock issuance approval system on the main board of Shanghai and Shenzhen.
on the whole, after this revision, the overall structure of the measures remains unchanged, and it is still divided into six chapters, including general provisions, issuance conditions, issuance procedures, information disclosure, supervision and punishment, and supplementary provisions, with a total of 59 articles
Announcement map of CSRC / official website of CSRC
the board transfer rules of Beijing stock exchange are released, and the listing threshold and reduction rules are clear
On the evening of March 4, Shanghai Stock Exchange and Shenzhen Stock Exchange issued the measures for the transfer of listed companies of Beijing stock exchange to science and innovation board and gem respectively.
measures show that listed companies on the Beijing stock exchange should have been listed on the Beijing stock exchange for more than one year before applying for board transfer to the science and innovation board and the gem. If the board transfer company has been listed on the original selection layer of the National SME share transfer system before listing on the Beijing stock exchange, the listing time of the original selection layer shall be calculated together with the listing time of the Beijing stock exchange
Listed companies on the Beijing stock exchange shall also meet the following requirements when applying for board transfer to the science and innovation board and the gem:
First, the issuance conditions stipulated in Articles 10 to 13 of the administrative measures for the registration of initial public offering of shares on the science and Innovation Board (for Trial Implementation) (hereinafter referred to as the registration measures); The issuance conditions stipulated in the measures for the administration of the registration of initial public offerings on the gem (for Trial Implementation) (hereinafter referred to as the registration measures);
Second, the board transfer company and its controlling shareholders and actual controllers have not been subject to administrative punishment by the CSRC in the past three years, investigated by the CSRC for suspected violations of laws and regulations, and no clear conclusion has been made, or publicly condemned by the Beijing stock exchange and the national small and medium-sized enterprise Share Transfer System Co., Ltd. in the past 12 months;
Third, the total share capital shall not be less than 30 million yuan;
Fourth, the number of shareholders shall not be less than 1000;
Fifth, the shareholding ratio of public shareholders reaches more than 25% of the total shares of the board transfer company; If the total share capital of the board transfer company exceeds 400 million yuan, the proportion of shares held by public shareholders is more than 10%;
Sixth, the cumulative trading volume of shares realized through competitive trading for 60 consecutive trading days (excluding the stock suspension day) before the announcement date of the board of directors’ resolution on matters related to board transfer shall not be less than 10 million shares;
7. The market value and financial indicators meet the standards stipulated in these measures;
Eighth, other conditions for board transfer stipulated by the Shanghai Stock Exchange.
it is worth noting that at the same time, the layered management method of the new third board was officially implemented
The new method has made major adjustments in the timing of entry. From April 30 of each year before, regular transfer in was started, which was implemented month by month from February to June in the first half of the year and once in September in the second half of the year that is to say, the entry opportunities of new third board enterprises have increased from once a year to six times a year
The formal implementation of the board transfer rules means that the system of the Beijing stock exchange is becoming more and more perfect. In addition, China International Capital Corporation Limited(601995) research report also believes that the adjustment of the layered management method of the new third board is conducive to the overall coordination of the system coordination between the basic layer, innovation layer and the Beijing stock exchange.
the IPO of Xinghe shares was terminated at the second meeting
After the initial IPO was temporarily cancelled due to force majeure, Xinghe shares finally got a “veto”.
On March 3, the Shenzhen Stock Exchange announced that the IPO of Xinghe shares did not meet the issuance conditions, listing conditions or information disclosure requirements, and decided to terminate the examination of the company’s application for IPO and listing on the gem
Xinghe Co., Ltd., founded in 2006, is mainly engaged in the R & D, design, manufacturing, sales and upgrading of industrial automation equipment and supporting accessories and fixtures. Automation equipment is mainly used in four fields: cell manufacturing, battery packaging, power supply assembly and mobile phone assembly in the consumer electronics industry, and some are used in photovoltaic equipment manufacturing, power cell lamination Communication equipment assembly and other fields.
During the IPO meeting, Xinghe shares became the focus of attention due to the decline in performance and the relationship with apple.
According to the previous draft, from 2018 to 2020, Xinghe achieved revenue of 640 million yuan, 705 million yuan and 534 million yuan respectively, with corresponding net profits of 177 million yuan, 234 million yuan and 112 million yuan respectively.
among them, the company’s overall revenue has declined since 2019, mainly due to the sharp decline in the amount of revenue contributed by the apple industry chain
The Shenzhen Stock Exchange also raised three questions.
first, benefit transmission and unfair competition Li Weibin and Han Tao, former employees of apple, participated in the review of some equipment and technical solutions of the issuer and stayed on the site to connect with the issuer’s main customers. They took shares in the issuer for less than two years and withdrew from the issuer with a profit of about 80 million yuan. In addition, the issuer’s order income from Apple customers increased significantly in the year when the two became shareholders, and decreased significantly after the two left and transferred their equity. Whether the matter constitutes benefit transfer or unfair competition, and whether the issuer’s production and operation are legal and compliant have become the focus of attention.
second, during the reporting period, apple asked the issuer to check whether there were illegal or improper business behaviors such as paying kickbacks in the apple industry chain business Apple requires the issuer to conduct self-examination, including the reasons, contents and conclusions of the self-examination, the impact of the matter on the issuer’s production and operation, and the relationship between the self-examination and the shareholding of former Apple employees.
third, since 2020, the revenue and profit of the issuer’s apple industry chain have fallen sharply and are different from comparable companies in the same industry ; In addition, since 2020, the income of non Apple industrial chain customers Zhuhai Cosmx Battery Co.Ltd(688772) (who have common shareholders with the issuer) has increased significantly, and the income is mainly recognized in December of that year. The rationality of centralized revenue recognition and whether the issuer has the ability of sustainable operation should be marked with a big question mark.
next week’s news
According to the IPO arrangement, 13 new shares will be subscribed for A-Shares next week.
According to the IPO arrangement, two enterprises will be listed next week.
latest proposed IPO queue
